Home Loan Purchase
Home Loan Purchase
Home Loan Purchase

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Real Estate Terms of the Day for Home Loan Purchase



BUFFER ZONE
A strip of land separating one parcel from another.

EASEMENT IN GROSS
The limited right of one person to use another's land (servient estate), which right is not created for the benefit of any land owned by the owner of the easement; that is, there is no dominant estate, as the easement attaches personally to the owner, not to the land.

REPRODUCTION COST
The cost, on the basis of current prices, of reproducing a new replica property with the same or fairly similar material.

POWER OF SALE
A clause written into a mortgage authorizing the mortgagee to sell the property in the event of default.

CONVERTIBLE ARMS
A type of ARM loan with the option to convert to a fixed-rate loan during a given time period.

DEFAULT
Failure to fulfill a duty or promise or failure to perform any obligation or required act. The most common occurrence of default on the part of a buyer or lessee is non-payment of money.

USURY
Interest charged in excess of the legal rate established by law.

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